Markets off day's high

The markets have pared some of their gains and are trading near the day's low. The Sensex is up 434 points at 17,723. Nifty is up 134 points at 5,335.

European markets has had subdued opening. The CAC is up 0.3% at 3,378. DAX is up 0.5% at 6,367. However, FTSE is down 0.1% at 5,707.

BSE metal index continues to shine and is now up 5.8% at 12,081. Bankex and realty are up 3.3% each. However the consumer durables index has slipped marginally to 6,617.
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(Updated at 1128 hrs)

The markets continued firm in late-morning trades with the BSE Sensex having gained 463 points at 17,752 and the Nifty having added 141 points at 5,343. Earlier in the day, the BSE benchmark index touched a high of 17,908 and a low of 17,672.

An agreement by European leaders to help contain US's two-year debt crisis lifted a cloud hovering over markets across the globe. The Asian markets have been witnessing positive trades with the Hang Seng, Shanghai and Nikkei indices having gained 1-2% each.

On the sectoral front, shares of metal companies have rallied on the bourses with many of them trading higher by more than 6% each after US economic growth accelerated and euro zone leaders unveiled a plan to prevent the two-year-old debt crisis from spreading.  The improved Chinese manufacturing data, which is the world's largest consumer of aluminum and copper, also fuelled rally in the metal shares.

BSE Capital Goods and Realty indices are also leading the gains, up 3-5% each.

Hindalco Industries has moved up 9% at Rs 139 and is the highest gainer on the Sensex. Other prominent gainers from the pack include Sterlite Industries, Jindal Steel, JP Associates and Tata Steel, up 6-8% each. There are no losers among the stocks.

Among individual stocks, Dr Reddy's Laboratories has gained nearly 3% at Rs 1,641 after the company reported a 7% jump in consolidated net profit at Rs 307.8 crore for the quarter ended September 30, compared to Rs 286.7 crore in the corresponding quarter last year. The drugmaker benefited from healthy growth in sales, driven by global businesses, led by North American and Russian markets.

Wheels India has soared 17% to Rs 286 on doubling Q2 net profit to Rs 10.98 crore as compared to Rs 5.14 crore in the corresponding quarter of previous fiscal. Net revenues grew 19% at Rs 496 crore on year-on-year basis.

The overall market breadth is positive as 1,591 stocks have advanced against 854 declining ones, on the BSE.